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The Landmark Group (Landmark), a Winston-Salem, N.C.-based real estate development and property management firm, has entered into an agreement with the Carroll County Industrial Development Authority (IDA) to refurbish and repurpose Woodlawn School in Woodlawn. The Carroll County IDA is contributing the building along with approximately six acres of land to the project. The plan combines grants and tax credits provided by the Virginia Housing Development Authority (VHDA) to perform required repairs and upgrades on the building while converting the building to 51 affordable one-, two- and three-bedroom apartments.
This project has been funded and will begin construction soon.
Since this property has received funding in part through the Low Income Housing Tax Credit (LIHTC) program, a certain number of units are set aside for lower income households. Households must earn either less than 50% or 60% of the area median income (depending on the set-aside option chosen by the property owner) to qualify for these units. Rents in these units are capped at a maximum of 30% of the set-aside area median income (adjusted for unit size). Some rental units in this property may not be subject to LIHTC and therefore have higher rents and no maximum household income requirement.
Generally, households earning up to the income limit in the table below for their household size are eligible for units participating in the Low-Income Housing Tax Credit program in Woodlawn but actual income limits may differ for units at Woodlawn School Apartments.
|AMI Band||1 Person||2 Person||3 Person||4 Person||5 Person||6 Person||7 Person||8 Person|
|Very Low Income (50%)||$49,850||$56,950||$64,050||$71,150||$76,850||$82,550||$88,250||$93,950|
|Low Income (60%)||$59,820||$68,340||$76,860||$85,380||$92,220||$99,060||$105,900||$112,740|
Woodlawn School Apartments is managed by Landmark Properties, CW LLC.